On January 1, 2018, Weaver Corporation purchased a patent for $219,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2020, the company incurred legal fees of $39,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life. Weaver Corporations year-end is December 31.

1.Record amortization on the patent

How much do I debit for amortization expense and credit for patents?

2. What is the balance in the Patent account at the end of 2020